The Chairman of the Verkhovna Rada of Ukraine Ruslan Stefanchuk took part in the round table “Changes in the legal regulation of economic relations: prospects and risks”, which was held at the Supreme Court of Ukraine.
The event was also attended by members of the Ukrainian Parliament, representatives of the judiciary and executive branches of government, specialized agencies and government institutions, lawyers, experts, and members of the public.
In his speech, the Chairman of the Ukrainian Parliament noted that it is important to identify all stages and risks of each path from the very beginning, especially with regard to legislative regulation.
“The synergy of our joint activities should yield results. Only when we have discussed the problems, identified ways, and projected possible risks for the future we can move forward. The future of our country depends on the legislation and the right to apply it,” said Ruslan Stefanchuk.
According to him, Ukraine is in the focus of the world’s attention today, both in terms of current events and the post-war future. And the interest of potential investors is important here, which raises the issue of regulating investment legislation, preparing the legislative framework and changing the legal regulation of economic relations.
“It is wrong that in the 32nd year of Ukraine’s independence we are still using the law on foreign investment written in the early 90s. Therefore, the number one issue is a new substantive investment legislation. In particular, what preferences should be created for foreign and national investors so that they start investing in Ukraine and make it a success story for the whole world. Let’s make sure that investors choose Ukraine when choosing countries for possible investments!” Ruslan Stefanchuk urged the audience.
He emphasized that the new legislation should also be accessible, fair and transparent, so a thorough work on its simplification is needed.
“The second thing is to create a clear and simplified process for considering issues related to investment disputes. In particular, this concerns procedural legislation to speed up the consideration of economic disputes and offer a fast, fair law and guaranteed consideration of these issues at the state level,” the Chairman of the Parliament of Ukraine said.
In addition to the above, it is important, he said, to find other forms of ensuring fair justice for investors. There are many different ideas, but they need to be approached in a balanced, thoughtful and professional manner to avoid certain risks and shortcomings.
“Among the ideas are: extending the competence of the High Court of Intellectual Property to disputes on the protection of foreign investments; introduction of foreign jurisdictions for investment disputes; development of alternative dispute resolution methods, etc.
On the one hand, there are opinions that this will help attract investments, and the application of foreign law will improve their protection. But there are also risks, especially in interpreting what can be considered an ‘investment’ and how to clearly define the jurisdiction of the relevant court in such circumstances,” emphasized Ruslan Stefanchuk.
At the same time, he emphasized that investments require trust in the authorities administering justice in this area.
“It is a priority for us that after the war is over and we have won a common victory, the investor makes the only right decision – to go to Ukraine, where there is a clear material component, procedural legislation and investment guarantees. Let’s find together the formula that will allow us to choose the best ways,” the Chairman of the Verkhovna Rada of Ukraine called for cooperation with the experts and colleagues present.
Vsevolod Kniazev, the Chief Justice of the Supreme Court of Ukraine, in turn, noted that Ukraine is confidently moving towards EU membership and that both political and economic changes are important on this path.
“For this to happen, it is extremely important to attract foreign investment. Therefore, our goal is to harmonize the legislation governing economic relations so that it meets international and European standards. Ukraine has set a course for European integration, which means we must do everything to make this integration as comfortable as possible for our economy and society, as well as for the EU economy,” Vsevolod Kniazev emphasized.
That is why, according to him, such professional discussions are needed to outline the problem, develop further ways to solve it and put it into practice.
“Undoubtedly, Ukraine will develop rapidly, which means that the return on investment will be high. Therefore, we must determine the path that will lead to an exclusively positive result for the fate of our country and economy, so that we become a strong, prosperous country, a full member of both the European Union and the international community,” the Chief Justice emphasized.
Larysa Rohach, the President of the Commercial Court of Cassation of the Supreme Court of Ukraine, also supported her colleague. She noted that Ukraine’s main battle is now at the front, but the rear, including the functioning of our economy, is equally important for the future victory.
“Despite the war, the country continues to work. And new investments in the Ukrainian economy are already planned after the victory. Therefore, the primary task today is to create an attractive investment climate. While the legislature should take care of adopting quality laws, the executive branch should implement them, the judiciary should ensure that potential investors are protected in commercial proceedings. This poses new challenges for us in our work, taking into account possible changes and responding to the needs of society and the economy sector,” said Larysa Rohach.